Towards Inter-organizational Working Capital Management

Working capital is an investment which is tied up into the inventories and accounts receivable and which is released with accounts payable. Due to the current business landscape with tightened financial conditions and finance markets, organizations emphasize efficient working capital management. With efficient working capital management, a company can reduce the need of finance, free up cash, increase profitability, improve liquidity, increase the efficiency of operations, and decrease (financing) costs. From the perspective of an individual company, efficient working capital management means decreasing inventory levels by shortening the cycle time of inventories, decreasing accounts receivable by shortening the trade credit terms and effective collection procedures, and increasing the level of accounts payable by paying the suppliers later. From an inter-organizational perspective, however, working capital should not be sub-optimized by a single company but holistic view to working capital management through the supply chain should be adopted to create value and improve performance together. The purpose of this research is to take academic research as well as practical management towards inter-organizational working capital management. The thesis discusses the benefits as well as mechanisms of working capital management in the inter-organizational context and has two main objectives: (1) to examine the effect of inter-organizational working capital management on performance in the value chain context and (2) to develop models of working capital management for internal as well as inter-organizational value chains. The results of the archival research conducted in the value chain of the pulp and paper industry and the value chain of the automotive industry indicate that companies can increase relative profitability by managing working capital comprehensively by taking into account all three components, and holistically though the value chain. Companies in the value chain benefit from different strategies in working capital management depending on the position of the company in the value chain. This can be taken into account in inter-organizational working capital management. The effects of inter-organizational working capital management actions on the financing costs of working capital were studied via simulations. Simulations also show that the value chain and individual companies benefit from an inter-organizational view to working capital management. Inter-organizational working capital management actions include for example: shortening the cycle time of inventories, reducing product costs, shifting inventories, shortening payment terms, and considering the cost of capital. The thesis also provides solutions for the practical requirements for tools to control working capital. The design science part of the research introduces the adjusted cash conversion cycle (ACCC) model for internal value chains, as well as models for working capital management in the inter-organizational value chain context: the working capital management model (WCMM) and the financial cycle time model (FCTM) designed in corporation and product levels respectively. This research contributes to literature on working capital management and interorganizational accounting. The research gives a holistic, inter-organizational view to the management of working capital. It advances the knowledge in working capital management on operational level, increases knowledge in the recently risen theme of supply chainoriented, collaborative working capital management, combines management accounting research with supply chain management research, and contributes to the demand of practical inter-organizational accounting methods. In addition, the research has strong practical focus as new managerial methods are introduced.

From War Pigs to Unsung Heroes: The Criticism and Justification of War in Metal Lyrics

Tässä tutkimuksessa käsitellään heavy metal -kappaleiden sanoitusten sisältöä. Tutkimusmateriaaliin on valittu yksi teema, sota, jonka avulla avataan sanoitusten sisältöä ja merkitystä. Metallimusiikki alakulttuurina on tyylillisesti ja temaattisesti spesifi, ja sillä on omat musiikilliset tavoitteensa. Tässä tutkimuksessa tarkastellaan erityisesti sitä miten sotaa kritisoidaan tai perustellaan heavy rock -sanoituksissa. Tutkimusmateriaalini koostuu 29 englanninkielisen kappaleen sanoituksesta vuosilta 1970–2012. Edustettuina on useita ajanjaksoja sekä maita. Yhdistävänä tekijänä on englannin kielen lisäksi se, että kaikki sanoitukset käsittelevät modernia länsimaista sodankäyntiä. Tekstit valittiin sen perusteella, että niissä ilmeni positiivinen tai negatiivinen näkökulma sotaan. Tutkimus nojaa Theo van Leeuwenin legitimaatioteoriaan, joka puolestaan pohjautuu diskurssianalyysiin. Legitimaatioteoria käsittää neljä strategiaa, jotka voivat joko kritisoida tai perustella sosiaalisia käytänteitä. Ne ovat auktoriteetteihin vetoaminen, moraalinen arviointi, järkeistäminen ja mytopoeesi. Yksi tavoitteistani tutkimuksessani on selvittää legitimaatioteorian toimivuutta omassa materiaalissani. Käytän metodina lähilukua, joka mahdollistaa niiden sanojen ja ilmaisujen identifioimisen, jotka ovat näkökulmaltaan joko positiivisesti tai negatiivisesti sotaan suhtautuvia. Analyysini kannalta tärkeitä ovat sekä kieli- että kulttuurikonteksti, sillä ne määrittelevät sanojen merkityksen. Analyysin perusteella kävi ilmi, että esimerkit jakautuivat eri strategioiden välille hyvin epätasaisesti. Auktoriteetteihin vetoamisen strategiasta löytyi vain yksi esimerkki, kun taas moraalisen arvioinnin esimerkkejä oli neljätoista. Lisäksi kaikkia legitimaatioteorian alaryhmiä ei löytynyt materiaalista ollenkaan. Osalla alaryhmistä oli useita esiintymiä, mutta osalla vain yksi. Esimerkkien epätasaista jakautumista selittää mm. se, että tutkimuksen materiaalin kannalta kaikki alakategoriat eivät ole relevantteja. Jotta tutkimustuloksista saataisiin edustavampi, laajempi otanta olisi tarpeen. Legitimaatioteorian soveltuvuutta sanoituksien yhteydessä tulisi tutkia laajemmin.

Om mörker, maskuliniteter, humor och lek inom black metal : lectio

Lectio praecursoria, Åbo Akademi 25.1 2013.

Virtual technology and haptic interface solutions for design and control of mobile working machines

Commercially available haptic interfaces are usable for many purposes. However, as generic devices they are not the most suitable for the control of heavy duty mobile working machines like mining machines, container handling equipment and excavators. Alternative mechanical constructions for a haptic controller are presented and analysed. A virtual reality environment (VRE) was built to test the proposed haptic controller mechanisms. Verification of an electric motor emulating a hydraulic pump in the electro-hydraulic system of a mobile working machine is carried out. A real-time simulator using multi-body-dynamics based software with hardware-in-loop (HIL) setup was used for the tests. Recommendations for further development of a haptic controller and emulator electric motor are given.

Effects of anthropogenic and natural hydrological changes on the behavior of the acidic metal discharge from acid sulfate soils in a river- and lake system in western Finland

Larsmo-Öjasjön i Österbotten skapades genom invallningar på 1960-talet pga. industrins behov av sötvatten. Sedan dess har vattenområdet drabbats av återkommande försurning och fiskdöd, och invallningen har ofta beskyllts för problemen. Avhandlingen undersöker syrabelastningen i området; bl.a. hur markanvändning, hydrologi och klimatförändringen påverkar belastningen. Konsekvenserna undersöks med fiskyngel som bioindikator, och olika miljömetoder testas och diskuteras. Ökad kunskap om försurningen hjälper oss att tillämpa effektiva miljömetoder och få förbättrad vattenkvalitet i framtiden. Den primära orsaken till den försämrade vattenkvaliteten under de senaste 40 åren är intensiv dikning av svavelrika sediment. Detta leder till oxidering av svavlet till svavelsyra och uppkomst av sura sulfatjordar. Syran löser upp mängder med toxiska metaller som spolas ut i vattendragen. Undersökningen visar att tiotusentals ton svavelsyra tillsammans med stora mängder metaller rinner till Larsmo-Öjasjön per år från sura sulfatjordar. Åarna bidrar med mest belastning, men den sammanlagda belastningen från de otaliga dikena och bäckarna är oväntat stor. Andra potentiella källor till försurningen, t.ex. muddringar och humussyror, beräknas vara obetydliga. Syra- och metallbelastningen varierar kraftigt med hydrologin, dvs. störst belastning sker under vår- och höstflöden. En eventuell klimatförändring kan ändra på avrinningsmönstret och orsaka mera belastning vintertid. Den årligt återkommande syra- och metallbelastningen kan ofta hindra lakens förökning, vilket kan ha större långtgående konsekvenser för fiskpopulationerna än de relativt sällsynta stora surchockerna med synlig fiskdöd. För att förebygga skador på vattendragen bör man undvika att dränera svavelrika sedimenten. På redan existerande sura sulfatjordar visade sig kontroll av grundvattennivån kunna möjliggöra en effektiverad markanvändning utan märkbart ökade miljökonsekvenser.

Preparation for ramp-up production process in metal manufacturin

Collaboration is essential for successful new product development. In the preparation for ramp-up production collaboration between R&D and supply chain functions is crucial. This thesis examines the meaning of collaboration and the effects of collaboration between R&D and supply chain. The aim of this thesis is to analyse and advice on how to improve the collaboration between the research and development department and supply chain within the preparation for rampup process. This thesis begins by introducing the reader to the product development methodologies and collaboration literature. The following part of the thesis describes the current situation and the results of the qualitative research. The last part of the thesis will explain the improvement suggestions. The main improvement suggestions are clarification of the processes and responsibilities and the introduction of a kick-off meeting.

Working Capital Management Model in value chains

The objective of this Master’s thesis is to create a calculation model for working capital management in value chains. The study has been executed using literature review and constructive research methods. Constructive research methods were mainly modeling. The theory in this thesis is founded in research articles and management literature. The model is developed for students and researchers. They can use the model for working capital management and comparing firms to each other. The model can also be used to cash management. The model tells who benefits and who suffers most in the value chain. Companies and value chains cash flows can be seen. By using the model can be seen are the set targets really achieved. The amount of operational working capital can be observed. The model enables user to simulate the amount of working capital. The created model is based on cash conversion cycle, return on investment and cash flow forecasting. The model is tested with carefully considered figures which seem to be though realistic. The modeled value chain is literally a chain. Implementing this model requires from the user that he/she have some kind of understanding about working capital management and some figures from balance sheet and income statement. By using this model users can improve their knowledge about working capital management in value chains.

Bio-ethanol valorization towards C4s including 1-butanol over metal modified alumina and zeolite catalysts

Bio-ethanol has been used as a fuel additive in modern society aimed at reducing CO2-emissions and dependence on oil. However, ethanol is unsuitable as fuel supplement in higher proportions due to its physico-chemical properties. One option to counteract the negative effects is to upgrade ethanol in a continuous fixed bed reactor to more valuable C4 products such as 1-butanol providing chemical similarity with traditional gasoline components. Bio-ethanol based valorization products also have other end-uses than just fuel additives. E.g. 1-butanol and ethyl acetate are well characterised industrial solvents and platform chemicals providing greener alternatives. The modern approach is to apply heterogeneous catalysts in the investigated reactions. The research was concentrated on aluminium oxide (Al2O3) and zeolites that were used as catalysts and catalyst supports. The metals supported (Cu, Ni, Co) gave very different product profiles and, thus, a profound view of different catalyst preparation methods and characterisation techniques was necessary. Additionally, acidity and basicity of the catalyst surface have an important role in determining the product profile. It was observed that ordinary determination of acid strength was not enough to explain all the phenomena e.g. the reaction mechanism. One of the main findings of the thesis is based on the catalytically active site which originates from crystallite structure. As a consequence, the overall evaluation of different by-products and intermediates was carried out by combining the information. Further kinetic analysis was carried out on metal (Cu, Ni, Co) supported self-prepared alumina catalysts. The thesis gives information for further catalyst developments aimed to scale-up towards industrially feasible operations.

PDM system functions and utilizations analysis to improve efficiency of sheet metal product design and manufacturing

This study will concentrate on Product Data Management (PDM) systems, and sheet metal design features and classification. In this thesis, PDM is seen as an individual system which handles all product-related data and information. The meaning of relevant data is to take the manufacturing process further with fewer errors. The features of sheet metals are giving more information and value to the designed models. The possibility of implementing PDM and sheet metal features recognition are the core of this study. Their integration should make the design process faster and manufacturing-friendly products easier to design. The triangulation method is the basis for this research. The sections of this triangle are: scientific literature review, interview using the Delphi method and the author’s experience and observations. The main key findings of this study are: (1) the area of focus in triangle (the triangle of three different point of views: business, information exchange and technical) depends on the person’s background and their role in the company, (2) the classification in the PDM system (and also in the CAD system) should be done using the materials, tools and machines that are in use in the company and (3) the design process has to be more effective because of the increase of industrial production, sheet metal blank production and the designer’s time spent on actual design and (4) because Design For Manufacture (DFM) integration can be done with CAD-programs, DFM integration with the PDM system should also be possible.

It’s a workflow engine. It’s working with linked data. It’s repository! – Supporting electronic thesis related processes in University of Helsinki library

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Working towards the invisible repository

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Opportunities, constraints and constrained opportunities – A study on mothers’ working time patterns in 22 European countries

The aim of this study was to analyse mothers’ working time patterns across 22 European countries. The focus was on three questions: how much mothers prefer to work, how much they actually work, and to what degree their preferred and actual working times are (in)consistent with each other. The focus was on cross-national differences in mothers’ working time patterns, comparison of mothers’ working times to that of childless women and fathers, as well as on individual- and country-level factors that explain the variation between them. In the theoretical background, the departure point was an integrative theoretical approach where the assumption is that there are various kinds of explanations for the differences in mothers’ working time patterns – namely structural, cultural and institutional – , and that these factors are laid in two levels: individual- and country-levels. Data were extracted from the European Social Survey (ESS) 2010 / 2011. The results showed that mothers’ working time patterns, both preferred and actual working times, varied across European countries. Four clusters were formed to illustrate the differences. In the full-time pattern, full-time work was the most important form of work, leaving all other working time forms marginal. The full-time pattern was perceived in terms of preferred working times in Bulgaria and Portugal. In polarised pattern countries, fulltime work was also important, but it was accompanied by a large share of mothers not working at all. In the case of preferred working times, many Eastern and Southern European countries followed it whereas in terms of actual working times it included all Eastern and Southern European countries as well as Finland. The combination pattern was characterised by the importance of long part-time hours and full-time work. It was the preferred working time pattern in the Nordic countries, France, Slovenia, and Spain, but Belgium, Denmark, France, Norway, and Sweden followed it in terms of actual working times. The fourth cluster that described mothers’ working times was called the part-time pattern, and it was illustrated by the prevalence of short and long part-time work. In the case of preferred working times, it was followed in Belgium, Germany, Ireland, the Netherlands and Switzerland. Besides Belgium, the part-time pattern was followed in the same countries in terms of actual working times. The consistency between preferred and actual working times was rather strong in a majority of countries. However, six countries fell under different working time patterns when preferred and actual working times were compared. Comparison of working mothers’, childless women’s, and fathers’ working times showed that differences between these groups were surprisingly small. It was only in part-time pattern countries that working mothers worked significantly shorter hours than working childless women and fathers. Results therefore revealed that when mothers’ working times are under study, an important question regarding the population examined is whether it consists of all mothers or only working mothers. Results moreover supported the use of the integrative theoretical approach when studying mothers’ working time patterns. Results indicate that mothers’ working time patterns in all countries are shaped by various opportunities and constraints, which are comprised of structural, cultural, institutional, and individual-level factors.